What is an EMI License and its benefits in the United Kingdom?
An EMI (Electronic Money Institution) license is permission to engage in activities related to the growing popularity of electronic payments. It is issued by regulatory authorities overseeing the operations of financial institutions. An EMI license in the UK allows companies to operate as issuers of electronic money and payment service providers.
Benefits of obtaining the permission
- With an EMI license, companies can issue their own electronic money and provide payment services without involving traditional banks.
- The EMI license ensures safety and protection of funds for the company’s clients, enhancing their trust and loyalty.
- Holders of EMI licenses in the UK can offer various payment methods to clients, including online payments, mobile payments, and electronic wallets.
- The EMI license allows companies to accept and conduct financial transactions at a global level using various currencies.
- Unlike obtaining a banking license, setting up an Electronic Money Institution requires lower capital investment.
- The EMI license grants the right not only to issue electronic funds but also to create payment instruments and provide acquiring services.
IFB experts are well-versed in all aspects of obtaining an EMI license in the United Kingdom. With us, you can be sure to obtain the permission in compliance with all requirements and laws.
Types of EMI licenses
In the United Kingdom, you can obtain two types of licenses:
- AEMI (Authorized Electronic Money Institution). Suitable for companies with a monthly turnover of payment transactions exceeding 5 million euros. Allows conducting activities throughout Europe with a more favorable attitude from regulatory authorities, expanding development opportunities and launching financial products.
- SEMI (Small Electronic Money Institution). Optimal for small firms with a projected turnover not exceeding 3 million euros. Small electronic money institutions can only provide their services within the United Kingdom.
Licensing in the UK entails mandatory payment of state fees, which are included in the cost of obtaining the licenses.
Requirements for EMI license applicants
Both citizens and non-residents of the United Kingdom can obtain an EMI banking license. The following conditions must be met:
- Directors and employees in managerial positions of the company must have the appropriate education and experience, as well as local residency or address.
- The shareholder of the company can be either a citizen or a non-resident of the United Kingdom; local residency or citizenship is not required.
- The firm is registered and has a real head office in British jurisdiction, and administration is carried out exclusively in the United Kingdom. Board meetings are held within the country, and the CEO is a citizen of the country.
- Applicants for EMI license ownership must be at least 18 years old and possess documents confirming income, a clean criminal record, and clean adverse media.
- The number of foreign employees should not exceed that of residents. Decisions of the resident director prevail. Managers have the relevant qualifications and an impeccable business reputation.
- The organization holds commercial accounts in any EEA bank with a good reputation for conducting commercial activities.
IFB consulting company experts are knowledgeable about all the rules and requirements that need to be followed to obtain an EMI license in the UK quickly and without unnecessary costs.
Why is it important to seek IFB expert support?
- Highly qualified staff. IFB sets high standards for its employees, ensuring that only certified specialists work in the team, along with extensive experience in dealing with regulators.
- Comprehensive approach. By turning to us, you will receive comprehensive consultation and assistance in setting up a business from scratch or a comprehensive audit to enhance the efficiency of an existing one.
- Customized solutions. All tasks are performed considering client requirements, the industry specifics of their business, and the peculiarities of the legislation of a specific state.
- Continuous monitoring of jurisdictions. We constantly monitor changes in the legislation of all serviced jurisdictions to offer clients up-to-date and forward-looking solutions.
- A large number of partner banks worldwide. Through cooperation with international banks, our company can open accounts in any jurisdiction of your choice in a short time.
Looking to overcome financial boundaries in the modern digital economy? Unlock vast opportunities with IFB. Contact us and obtain an EMI license in the United Kingdom for your company!
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